Global Contact Lenses Market: Analyst’s Evaluations
Not all are blessed with equal proportions of the five senses that have made human beings the superior organism, viz. sight, taste, hearing, small, and touch. While none is dispensable by choice – the eyes are utterly invaluable organ for us, however certain deficiencies and accidents can lead to disorders that hamper our ability to see. Although spectacles are being recommended by ophthalmologists as a device to overcome eye-sight issues for several decades, technological advancements have led to the advent of contact lenses in the recent past. A contact lens not only overcomes the need to carry a spectacle all the time but they add to the appearance of the patient too, and the market for the same is flourishing. According to this business and commerce report, the demand in the global contact lenses market will propagate at an impressive CAGR of 7.8% during the forecast period of 2017 to 2024. Value-wise, the market for contact lens is estimated to produce a revenue of US$18.70 bn by the end of 2024.
Soft Lenses to Remain Key Product Segment Until 2024
Based on product type, the report segments the contact lenses market into soft lenses and gas permeable. As of 2017, the former segment provided for nearly three-fourth of the total demand and is expected to retain its dominance, despite the demand for the latter is poised for a slightly stronger growth rate. Soft lenses are made up of materials that are translucent and flexible such as silicone hydrogel. These are high on oxygen permeability as well as on water retention capacity, which make them extremely comfortable for prolonged wear. By the end of 2024, the global soft contact lenses market is estimated to be worth US$13.38 billion. Soft lens can be used for correcting both near and farsightedness as well as spherical aberration of the eye.
Cast Molding Technology Providing for Most of the Demand
Technology-wise, the market for contact lens has been bifurcated into lathe cutting, spin casting, and cast molding. While the lathe cutting segment is projected for the most promising growth rate, the cast molding segment will remain the most profitable technology throughout the period of 2017-2024. Cast molding or injection molding is the most popular and mass production technique of manufacturing contact lenses, mostly used for making disposable soft contact lenses and is less expensive than other technologies. By the end of 2024, the cast molding technology for contact lenses is anticipated to constitute for a market worth US$14.67 billion.
Spherical Contact Lens Leading Design Segment
On the basis of design type, the market for contact lenses has been categorized into toric, multifocal, spherical, and others. Among these, the spherical design segment is holding more than the half demand share in the overall market and is primed to remain highly profitable throughout the forecast period of 2017 to 2024. Spherical contact lenses have same power in all meridians of the lens. They have an even curvature throughout the surface of the lens. They bend light in every direction evenly creating multiple focal points. Spherical contact lenses are mainly used to correct myopia and hyperopia. As they have even power throughout the lens, rotation of the lens will not hinder vision in any form. They come in both soft and rigid form and are used widely by consumers across globe. By 2024, this segment is estimated to generate a demand worth of US$11.48 billion.
North America Contact Lenses Market to Breach US$5.0 Billion worth before 2024
Geographically, North America, Europe, and Asia Pacific are the three regions with maximum potential of demand for contact lenses, although North America is expected to retain the leading position in terms of overall demand share. This can be attributed to the increasing number of middle aged and senior ophthalmological patient in this regional market. In addition, due to the rising young generation’s vision problem and their self-conscious about their appearance is further supporting the North America contact lenses market, which is estimated to be worth US$5.76 billion, generating a demand of 488.9 million units in terms of volume. Europe and Asia Pacific will hold onto their second and third positions respectively.
Johnson and Johnson, Essilor International S.A., Bausch and Lomb, Alcona Inc., Novartis International AG, The Cooper Companies, and Carl Zeiss AG are a few key companies operating in the global contact lenses market.
Global Contact Lenses Market: Overview
Contact lens comprises of two types of products, such as soft lens and gas permeable lens. Soft lenses are made of plastics and allow oxygen to pass through the eye cornea. They use materials that are translucent and flexible such as silicone hydrogel, that are high on oxygen permeability and are high on water retention capacity which makes them extremely comfortable for prolonged wear. At present, soft lenses have high oxygen permeability factor. Due to this, it can be worn overnight with extreme ease and comfort. These are used for correcting both near and farsightedness, as well as spherical aberration of the eye. In addition, gas permeable (GP) lenses are made up of durable plastics that are rigid and firm and transmit oxygen. It can resist any kind of deposits, as it does not contain water traces. It does not dehydrate easily, which makes them long lasting, durable and easy to handle. In addition, increase in younger population suffering from ophthalmological disorders, there is a continual demand for contact lenses among the population that is currently helping the growth of the contact lens market globally.
As per current trend, wearing glasses on a regular basis is a discomfort arena for most of the users especially in developed nations. Also, wearing glass is considered as old fashioned among moderate users and especially youth in between age group of 10 to 30. Contact lenses are a great alternative for glasses and consumers are inclining towards it due to the comfort and convenience it provides of not wearing traditional glasses. The variety of options available such as daily disposable soft contact lenses makes them more interesting and consumers prefer to wear contact lenses on a regular basis instead of glasses. Due to all these factors, this driver is expected to impact the market moderately and will remain a major driver as per its advantage.
Global Contact Lenses Market: Trends and Opportunities
Contact lenses are gaining importance among different age groups globally. The major reasons for this growth are the general eye disorders and advancement in medical sciences to deal with ophthalmological diseases. Currently, children are being prescribed by doctors for using contact lenses, whose are born with congenital eye disorders. In addition, pre-teens and teens often want to wearing contact lenses as they become more self-conscious about their appearance. Furthermore, the usage of contact lenses by young adults is also increasing globally, owing to the factors such as avoiding the inconvenience of replacing and repairing eyeglass frames during outdoor activities and sports.
In addition, increasing awareness regarding the handling and safe usage of contact lens is also penetrating the market. Many governments across the world are taking several initiatives to reduce the manufactures of harmful contact lens or local unsafe contact lenses. Governments in countries such as the U.S., Japan, China, and countries in the European Union had created stringent laws regarding medical conservation, there preventing the sale of contact lenses in beauty parlors, convenience stores, flea markets or other non-optical outlets. Other developing countries in the APAC region such as India and Hong Kong have also implemented this law.
Global Contact Lenses Market: Segmentations
Technology-wise, the report segments the contact lenses market into spin casting, cast molding, and lathe cutting, whereas on the basis of product type, the market has been bifurcated into gas permeable (GP) and soft lenses. By design, the market is segmented into spherical, toric, multifocal and others. Moreover, the report also provides cross sectional analysis of all the above segments across different countries within different regions such North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America includes the U.S. and Rest of North America. Europe includes U.K., Germany, France, Russia, Italy and Rest of Europe. Asia Pacific includes country such as India, China, Japan and Rest of APAC. In addition, Latin America comprise of countries such as Brazil and Rest of Latin America. Middle East and Africa includes country such as GCC, South Africa and Rest of Middle East and Africa.
Geographically, the Asia Pacific contact lens market is predicted to experience the fastest growth from 2016 to 2024 in global contact lens market. The increasing variation of contact lens such as daily disposable soft contact lenses (at cheaper cost) makes them more interesting and consumers prefer to wear contact lenses on a regular basis instead of glasses. This factor is enhancing the Asia Pacific contact lens market.
Global Contact Lenses Market: Competitive Landscape
In order to get a better understanding of the contact lens market, a key trends analysis has been included for all the segments. In addition, the key players in the market have also been profiled in terms of their product segments, financial overview, recent developments and business strategies adopted by them. The leading players in the market include Valeant Pharmaceuticals (Québec, Canada), Menicon Group (Nagoya, Japan), Johnson and Johnson (New Jersey, U.S.), Novartis International AG (Basel, Switzerland), The Cooper Companies, Inc. (California, U.S.), SynergEyes Inc. (California, U.S.), STAAR Surgical (California, U.S.), Carl Zeiss AG (Oberkochen, Germany), Abbott Medical Optics, Inc. (California, U.S.) and Essilor International S.A. (Charenton-le-Pont, France) among others.
Key Segments of the Global Contact Lenses Market
Global Contact Lens Market, by Product Type
- Soft Lens
- Gas Permeable (GP)
Global Contact Lens Market, by Design Type
Global Contact Lens Market, by Technology Type
- Spin Casting
- Cast Molding
- Lathe Cutting
Global Contact Lens Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa